In many retail establishments, currency security is often an important issue. As the threat of currency theft is often high in retail establishments, many such retail establishments utilize a safe or other device to store large amounts of currency. In order to ensure security of the currency, employees of the retail establishment often do not have access to the deposited currency. By placing currency and other valuables into the safe, oftentimes, the deposited currency is removed from circulation until a bank or other financial institution is able to retrieve the currency out of the safe. However, removing the currency from circulation may put short term financial strain on the retail establishment.
Embodiments disclosed herein include a currency recycler that is designed to provide retail establishments with faster availability to their daily cash receivables. By leveraging equipment and data processing to deliver deposit data to the financial institution in an expeditious manner, the retail establishment can gain fast access to deposits. In addition, embodiments of the currency recycler provide counting capabilities that automate the handling of the banknotes. Further, by reducing the amount of touches of the banknotes, reductions in loss funds can be realized.
The point of entry is through the currency recycler, which accurately identifies the banknote value and stores the banknote in either a location where it can be retrieved (recycled) or in a location that is used for storage until retrieved by an armored car provider. Embodiments of the currency recycler are connected to a network that allows for communication of the transaction (deposit/withdrawal) to temporary files that keeps track of the net of the deposits/withdrawals. At the end of the processing day, by accumulating the data to match the retailer establishment's point of sale systems, embodiments disclosed herein are able to provide an output that allows for reconciliation to be automated at the corporate back office.
Thus, embodiments disclosed herein connect the currency recycler to a network that allows for communication at all times. This allows retail establishments to have multiple stores working collectively from one pending balance. By allowing the retail establishments to work from one balance, this removes the need for excess availability to be required within each store thus allowing for the retail to gain access to working capital.
According to one embodiment, the disclosure provides a computer system for processing financial transactions of a retailer having a plurality of retailer locations including a first retailer location with first currency recycler and a second retailer location with a second currency recycler. The at least one processor, a network interface, and a memory element are coupled to the processor. On the memory are stored instructions to direct the processor to perform operations. For example, the processor may be programmed to store a first recycler identifier indicative of a first recycler unit, a second recycler identifier indicative of a second recycler unit, and a retailer identifier indicative of a retail store using the first recycler unit and the second recycler unit. A first recycler account balance may be associated with the first recycler identifier; a second recycler account balance may be associated with the second recycler identifier; and a retailer account balance may be associated with the retailer identifier. Typically, a first location identifier indicative of a store location at which the first recycler unit is being used is associated with the retailer identifier and a second location identifier indicative of a store location at which the second recycler unit is being used with the retailer identifier. In some embodiments, the transaction request includes the retailer identifier and either the first location identifier or the second location identifier. The retailer account balance is adjusted regardless of whether the transaction request includes the first location identifier or the second location identifier.
According to another embodiment, the disclosure provides a system for processing financial transactions. For example, the system may include a first currency recycler at a first location, a second currency recycler at a second location and a remote computing device configured to communicate with the first currency recycler and the second currency recycler via a communications network. The remote computing device includes a processor programmed to perform a plurality of operations. For example, a first recycler identifier indicative of the first recycler unit, a second recycler identifier indicative of the second recycler unit, and a retailer identifier indicative of a retail store using the first recycler unit and the second recycler unit may be stored. The processor may associate a first recycler account balance with the first recycler identifier, a second recycler account balance with the second recycler identifier, and a retailer account balance with the retailer identifier. The retailer account balance is adjusted responsive to transaction requests by both the first currency recycler and the second currency recycler. In some embodiments, the first currency recycler sends a transaction request to the remote computing device responsive to a user selecting a transaction on the first currency recycler and the transaction request includes the retailer identifier and the first currency recycler identifier. The remote computing device is configured to adjust the retailer account balance in response to receiving a transaction request from the first currency recycler. When the second currency recycler sends a transaction request to the remote computing device responsive to a user selecting a transaction on the second currency recycler, the transaction request includes the retailer identifier and the second currency recycler identifier. The remote computing device is configured to adjust the retailer account balance in response to receiving a transaction request from the second currency recycler.
According to yet another embodiment, the disclosure provides a currency recycler with a processor, a plurality of stackers configured to hold currency, a currency routing assembly, a display, an input device configured to select one or more options presented on the display, a network interface, and a memory element coupled to the processor. The memory has instructions stored thereon to direct the processor to perform certain operations. For example, the processor may be programmed to present a plurality of transaction types for selection by the user on the display. Typically, the transaction types include an exchange transaction and/or a manual processing transaction. If the user selects the exchange transaction using the input device, this will initiate a withdrawal transaction by which a selected withdrawal amount is dispensed through the exit. After the selected withdrawal amount is dispensed, a deposit transaction is processed for a deposit amount equal to the selected withdrawal amount. In some cases, the user is provided an opportunity to select another denomination of bills if an initial selection is unavailable.
Embodiments are contemplated for a non-transitory, computer readable storage medium storing a program for performing an exchange transaction on a currency recycler according to a process that includes the step of presenting a plurality of transaction types for selection by the user on a display, including an exchange transaction. If the user selects an exchange transaction, the program will prompt for selection of a withdrawal amount and a preferred denomination. A determination is made as to whether the preferred denomination is available. If so, the preferred denomination is dispensed to the user and a deposit transaction is processed. If not, the user is prompted for the selection of another denomination; once an available selection is made, that denomination is dispensed to the user and a deposit transaction is processed.
Additional features and advantages of the subject system and method will become apparent to those skilled in the art upon consideration of the following detailed materials which form part of this provisional application.